Progressive markets

Portland, OR -- (SBWIRE) -- 11/30/2017 -- The global luxury goods market is expected to grow at a CAGR of 4.1% from 2017 to 2023. Luxury goods are goods for which demand increases as the income levels of people rise. Luxury goods are also known as superior goods and Veblen goods. They have a high-income elasticity of demand, in which people get wealthier and spend more on them. While, if people's income levels decrease, the demand also decreases. However, the elasticity of demand is independent of income. The luxury goods market size may decrease as people become richer and but stop buying them. Moreover, the variation in the luxury goods market share does not depend on the quality. Then a luxury good may become a normal good or sometimes, an inferior good. These goods often come with special Luxury packaging to separate them from other products from mainstream competitors. Classic luxury goods include accessories, clothing, and luggage. There are markets which include luxury segments such as automobile, yacht, coffee, wine, tea, watches, foods, jewelry, feminine hygiene products, and others.

The global luxury goods industry is driven by increase in spending capacity of consumers, rise in living standards of people, and sudden growth in online marketing. However, low number of branded outlets especially in developing regions restrain growth of the market. On the other hand, globalization, diversification, and consolidation in the world offer more opportunities in the industry.

Luxury Goods Market Key Segmentation:

The global luxury goods market is segmented into product type, gender, distribution channel, and geography. Based on product type, the market is sub-segmented into jewelery, designer wear & footwear, champagne/wine, cosmetics, and others. The market is further classified based on gender into female and male. Moreover, distribution channel segment is divided into online and retail.

Geographically, the luxury goods industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is further divided into U.S., Canada, and Mexico. European region is classified in the study into U.K., Germany, France, and rest of the Europe. Moreover, Asia-Pacific region is divided into China, Japan, India, South Korea, and rest of Asia-Pacific. LAMEA region is further classified into Brazil, Saudi Arabia, South Africa, and rest of LAMEA.

Market Players:

The leading players operating in the global luxury goods market include LOreal International, The Sheiseido Company Ltd., LVMH group, Ralph Lauren Corp., Prada S.p.A, The Estee Lauder, Swatch Group, Luxottica Group, and others. Expansions, collaborations, partnerships, joint ventures, mergers & acquisitions, new product launches, and others are few strategies adopted by these market players to gain stronghold in the market.